According to the Sunday Business Post, McGinley Snr and his business partner Tony Boyle are taking a hit of almost €20 million on the collapse of their 3G Mobile chain.
The businessmen put the chain of 27 shops into voluntary liquidation last month after the failure of talks with Eircom about an investment in the group. At a meeting last week, creditors of 3G Mobile were told the chain had total debts of €23 million.
Almost all of that money - nearly €19.7 million - is owed to Boyle and McGinley, who set up 3G Mobile in 2003. The men are owed the money directly and through their other companies, Sigma Communications Group and SigmaTelecom.
Ryder Cup star McGinley, 43, completed the worst season of his professional career last year when he underwent surgery on his left knee for the sixth time.
The Dubliner had hoped to return to action at Pebble Beach this week but his slow rate of recovery has forced him to put his 2010 debut on hold for at least another month.